“We had 95 large deals valued at $9.8 billion for the year, of which 40% were net new (deals). This promises a solid foundation to grow and build resilience in the months to come,” said Nilekani while speaking at the 42nd annual general meeting of the IT major on Thursday.
He said the Bengaluru-based firm’s capability to harness opportunities despite the dynamic times of inflation, interest rates, geopolitics, war, demand volatility, supply chain dislocations is “tremendous”, in his virtual address to the shareholders.
India’s second largest firm Infosys had pegged a 4-7% revenue growth for FY24– its lowest in six years. HCLTech and Tata Consultancy Services are expected to kick off the results season on July 12, while Infosys will report its results on July 20.
Indian IT firms bracing for a tough year amid the macro headwinds, tightening of discretionary spends. The regional banking crisis in the US has also hampered sentiments further in the banking and financial services vertical that draws nearly 35-40% of the sector’s total revenue.
Clients’ attention changing towards cost-cutting deals
Discover the stories of your interest
Infosys CEO Salil Parekh said that the overall demand environment has changed with the global economy and the GDP rates slowing down. “We see now more clients’ attention moving from digital and cloud transformation to cost efficiency and automation. And we are fortunate that even in the consolidation area, we have a lot of opportunities,” he added.The chief executive recounted their recent deal wins–oil major BP and Danish lender Danske Bank’s $1.5 billion and $454 million deals respectively, as opportunities in the cost efficiency space. The company said such deals help clients to reduce costs through offshoring, automation and digitization.
Addressing questions on deployment of generative artificial intelligence (AI), Infosys said it currently has 50 active client projects where they are using generative AI applications. “This is becoming an increasing part of the new world which is going to be defined on an AI-first basis,” added Parekh.
Last month, the software exporter launched Topaz– an AI suite of services, solutions and platforms using generative AI technologies. It leverages Infosys applied AI framework and the Infosys Cobalt cloud. The solution has over 12,000 use cases.
Asked on the string of senior level exits such as Mohit Joshi and Ravi Kumar S to rivals during the previous year, Parekh reiterated that Infosys has a strong and deep leadership bench and internal talent pool. “We feel that that group of leaders that Infosys has produced over the years through its own leadership development and the work in delivery in markets, really prepares them to do more. We have made sure that those leaders step up and take that on,” the executive said.
For all the latest Technology News Click Here
